Pretty much every 4 unit apartment building I look at is essentially not worth what little cash flow there is, even counting principle pay down. Basically I get four tenants and all their issues and the cash flow of LESS than one SF unit with leverage. Yet SOMEBODY is out there buying these. WHO? Fools? Unless they are making an equity play, I don't see why anyone would buy these. And even then the equity play isn't going to pay for all the time involved. WTF?
I would have loved a MF in the Midwest if I lived there, but man, who would buy this crap here? There is a clear reason the owners of these properties are desperate to get rid of them as prices have gone up. You'd make more money on HALF the dividend on VTSAX than this garbage. Yet people are buying this crap.